Bill
LC 96
Overview: Bill Number: LC 96, Title: Clarify non-fossil energy generation capital asset property tax exemptions, Status: (LC) Draft Died in Process, Introduced: September 04, 2024P
Overview: Bill Number: LC 96, Title: Clarify non-fossil energy generation capital asset property tax exemptions, Status: (LC) Draft Died in Process, Introduced: September 04, 2024
Purpose and Intent: The main goal of this bill is to clarify and expand property tax exemptions for capital assets used in the generation of non-fossil fuel energy. This is intended to incentivize investment and development of renewable energy infrastructure.
Key Provisions:
- Expands the definition of "non-fossil energy generation facilities" eligible for property tax exemptions
- Clarifies that the exemption applies to all capital assets used in the generation, transmission, and storage of non-fossil fuel energy
- Extends the exemption period from 10 years to 15 years for new facilities
- Allows for partial exemptions for facilities that use a mix of fossil and non-fossil fuel sources
Affected Parties and Impacts:
- Renewable energy developers and operators would benefit from the expanded tax exemptions
- Taxpayers in areas with non-fossil energy facilities may see a slight shift in the property tax burden
- The state and local governments may experience some reduction in property tax revenue, but this is intended to be offset by increased investment in the renewable energy sector
Procedural and Timeline Considerations: This bill was introduced in September 2024 but did not progress further in the legislative process, indicating it ultimately died in committee or failed to receive a vote.
Compiled from official sources — confirm details with the bill’s official record.
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